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       ANNUAL REPORT 2009-10
Graaskamp Center Key Facts
TOP RANKING. Wisconsin consistently ranks among
the top three real estate programs in the country.

CHALLENGING CURRICULUM. Our curriculum is the
most comprehensive of any real estate program in
the country, made possible by the depth of our
faculty and the breadth of our expert team of
lecturers. The Applied Real Estate Investment Track
program (AREIT), a unique track within the Real
Estate MBA, is the first program of its kind in the
country, providing a team of MBA students the
opportunity to manage a live $800,000 portfolio
invested in REITs.

faculty are recognized leaders in research, teaching,
and service to the world community. They serve as
officers and board members of top academic
associations and participate in the most advanced
academic research conferences. They share their
insights in leading industry forums and advise
governments on four continents. The faculty are
complemented by a dedicated team of lecturers and
other instructional staff who bring a wealth of
practical experience to the classroom on subjects
that include valuation, law, and development.

DEDICATED STAFF. The center and department have
an involved and experienced staff that provides
individual attention to the needs of students, alumni,
board members, and employers. The staff performs
critical responsibilities to carry out the outreach
mission of the program.

regularly recruit talented students at Wisconsin, hiring
graduates who are ready to hit the ground running.

of the new Global Real Estate Master (GREM), the
center now offers the most in-depth international
experience of any real estate program in the country.
Both first-year and second-year MBA students
participate in study trips abroad giving them the
opportunity to learn firsthand about current issues in
international real estate.

and faculty are connected with top-level professionals
in industry through the Graaskamp Center Board of
Advisors. The Center also engages the larger real
estate community by developing academic and
executive education programs that meet the needs
of the industry today and well into the future.

ACTIVE ALUMNI NETWORK. Program graduates stay
involved long after graduation. The Wisconsin Real
Estate Alumni Association (WREAA) is a strong and
active network of more than 2,000 professionals
who play an active role in networking with students
and participating in class lectures and projects.
Dear Graaskamp Center Board Members,
Alumni, and Friends:

               t has been an eventful year in the Graaskamp             Advisory Board members are actively engaged, not
               Center. My first full year as academic director —and     only as speakers but also as mentors, formal and
               Michael Brennan’s first full year as executive           informal, to students, as well as giving sage advice to
               director—has been marked by a number of “firsts”         faculty and staff. With longtime stalwart Center
            and accomplishments.                                        Associate Director Sharon McCabe, board member
                                                                        Tim Carew has been especially active in helping our
            We held two terrific Center board meetings, including       MBAs think through and execute their career plans.
            keynote addresses by Robert Kelley, a senior
            intelligence officer for the Department of Homeland         I’m extremely pleased to announce that my recently
            Security, at the fall meeting and by industry leader        promoted colleague Morris Davis has accepted the
            Sam Zell at our spring meeting. Full agendas from           position of director of the MBA program within the
            other speakers and panels helped all of us more             Graaskamp Center. Morris will work closely with
            clearly think through the market conditions we face         Sharon, and all of us in the Center and on the faculty,
            and the outlook ahead. Under the leadership of              to continue to recruit, educate, and place the best
            Michael Brennan, Center board members and our               masters-level real estate professionals in the world.
            Center staff have dived in to strengthen board
            programs, freshen up the package of benefits                I’m also pleased to announce that Professor Tim
            available to members and improve their delivery, and        Riddiough, recently returned from a year focused on
            recruit new and highly qualified members.                   research, is taking on the direction of our Applied Real
                                                                        Estate Investment Track (AREIT). Tim, in turn, is very
            It has been a true pleasure to work with Mike               pleased to note that David Shulman, who so ably led
            Brennan over the past year. He came to us from              the AREIT program in recent years, remains with us as
            “outside,” not an alum, and not having been                 an advisor. Another milestone is that Tim recently took
            previously affiliated with the Graaskamp Center. He is      office as the Second Vice President of the American
            thoroughly into the job, and has shown himself eager        Real Estate and Urban Economics Association
            to learn about our tradition and values. It’s true that     (AREUEA). AREUEA’s Second VP has the major
            I’ve given him a special dispensation should                responsibility of organizing the annual meeting; Tim
            Wisconsin ever meet his alma mater Notre Dame in a          will serve as first VP and president in successive years.
            bowl game, but in all other respects, Mike                  He’ll be the sixth Wisconsin professor to do so. In
            demonstrates that one can become an important and           addition, Abdullah Yavas was elected to AREUEA’s
            active participant in Wisconsin’s real estate tradition,    Board of Directors.
            whether or not one takes coursework here. Our
            bachelor’s or masters’ degrees in real estate are still     On all fronts of teaching, research and service, Tim,
            the best and surest routes to understanding our             François, Morris, Abdullah, and our relatively recent
            tradition, but in the end it’s about substance, curiosity   addition Erwan Quintin, along with our top-notch
            and passion, an ethical approach to doing well while        stable of lecturers and faculty associates, give us the
            doing good, and a lifelong quest to understand and          human resources to continue to move the Graaskamp
            apply Wisconsin values to the real estate process, that     Center and the entire Wisconsin Real Estate Program
            marks the true Badger.                                      forward.

            The Center has remained active in support of our            Our international traditions are perhaps a little newer
            MBA program. We organized and partially funded              than some other aspects of our program’s history,
            student trips to MIPIM, MIPIM Asia, and Brazil,             although there are antecedents, like early faculty
            supported the Real Estate Club’s field trip to              involvement in Canadian real estate education, or the
            Washington, D.C., and Los Angeles, and brought top          alumni pioneers who worked in Mexico and Europe
            speakers to campus, including Nick Billotti, Laurence       long before I arrived on the scene 20 years ago.
            Geller, Brad Olsen, and Todd Lillibridge, among others.     Shortly after I arrived, the center helped sponsor our
            When I say “we,” I mean that inclusively. Center            first international trips under Rod Matthews’ direction.
Rod started the first international real estate course,     2 Letter from the Director
and some of my first students in Urban Economics            4 About the James A. Graaskamp Center
were slightly surprised to find themselves comparing          for Real Estate
the U.S. regulatory framework for real estate to that in
                                                            6 2009-10 Milestones of the Wisconsin
Korea or Ghana.
                                                              Real Estate Program
Today, we have a veritable alphabet soup of
                                                            8 On the Path to Global Leadership
international activities and offerings—AFIRE, MIPIM,
MIPIM Asia, ExpoReal, as well as related graduate and      10 The MBA Program in Real Estate
undergraduate courses—and our new rollout, the
                                                           12 MBA Career Services and Job Placement
Global Real Estate Master (GREM). Credit for this
innovative program is largely due to our esteemed          14 The Applied Real Estate Investment Track (AREIT)
department chair, François Ortalo-Magné. I can’t think
of many other people who could have come up with           16 Student Awards
such a concept, and no one else who could have
                                                           17 Financial Support
executed it, given how many people on campus and
off had to collaborate to get it off the ground. GREM      18 Real Estate Club
is described more fully elsewhere in this report. In
brief, we partner with three top business schools          19 Global Opportunities
around the globe—HEC (Europe), INCAE (Latin                22 Connecting With Real-World Leaders
America) and Hong Kong U.S.T. Students are admitted
to one of these three home institutions and                25 Professional and Community Outreach
Wisconsin. They take one to three semesters of
                                                           26 Board of Advisors
general business and introductory real estate at their
home school, then all assemble in Madison with our         30 Faculty Research and Other Notable
MBA students, for a capstone semester of intensive            Research-Related Highlights
real estate education.
                                                           32 What’s Ahead
GREM is not a substitute for our MBA or other
programs, but a complement. For the past two
decades, our international activities have helped          CLOSE UPS
propel some of our students overseas, but notable
benefits of our global focus also have accrued to
                                                            13 Alumni and Board Members Give Back
                                                               Through Mentorship Program
those who take the more traditional route to a career
in the U.S. There’s nothing like a global perspective to    15 AREIT Program Gives Students Real-World
help sharpen your thinking about how we do things              Experience that is “Second to None”
here. Whatever route our students, alumni, and board
                                                            16 Real Estate Students Shine in Case Competitions
members take in their careers, GREM will help us
spread the Wisconsin Tradition and values farther than      17 Students and Donors Honored at
                                                               Scholarship Breakfast
ever before, and will help us sharpen our thinking and
execution, skills always needed but especially so as        20 Expanding Our Reach Through Global Connections
we face the unusual challenges of 2010.
                                                            22 Program Receives Royal Institution of Chartered
ON WISCONSIN!                                                  Surveyors (RICS) Accreditation
                                                            23 Recognizing Innovation and Imagination
                                                               in Real Estate


            he James A. Graaskamp Center for Real Estate at the
            Wisconsin School of Business began as the Institute for
            Research in Land Economics, established in 1920 by
            Richard T. Ely, one of the founding fathers of the discipline.
    Through the years, the center has fostered excellence in real estate
    education, research, and outreach through community and
    professional partnerships.

    In 2007, the Center for Real Estate was renamed in honor of a
    legendary figure in real estate education at Wisconsin, the late James
    A. Graaskamp, affectionately known as “The Chief.” Graaskamp was
    a passionate believer in a multi-disciplined approach to real estate
    academia, combining financial, environmental, and social elements
    into a comprehensive blend of theory and practice. He was a
    devoted instructor and a gifted orator whose impact is evident in the
    literature as well as the hearts and minds of his many students.

    Historically, the Graaskamp Center’s main goal has been to serve as
    a link between real estate faculty, students, alumni, the professional
    community, governmental agencies, and the general public. This
    core mission continues but has expanded to include administering
    the Wisconsin MBA program in Real Estate. The Center also works to
    enhance both local and global opportunities by facilitating
    professional and community outreach, furthering industry research,
    and maximizing the impact of expertise provided by the faculty,
    lecturers, and our Board of Advisors.

    In the three years since its renaming, the center has worked
    diligently to uphold Graaskamp’s legacy. It has expanded to meet the
    needs of a changing real estate world, created new global
    opportunities, honored cutting-edge innovators in the field, and
    convened the brightest academic and professional minds to tackle
    both the highs and lows of the modern real estate environment.

    We aim to instill in our students our core values and an
    understanding of the increasingly global nature of the field, as well
    as create a valuable, lifelong network for learning and professional
    growth. In essence, our goal is to educate and mentor socially
    responsible leaders of the real estate profession.

Center Mission
►   To attract top-quality MBA students and transform them
    into competent, creative, and collaborative professionals
    prepared to be leaders in the real estate industry

►   To build and retain an extensive member base of real estate
    industry leaders through our Board of Advisors

►   To preserve, promote, and support the philosophy of the
    Wisconsin tradition of excellence in real estate education

Center Core Values
►   Depth: Apply logic and analytical tools to develop a
    thorough understanding of relevant issues and problems

►   Breadth: Comprehend interconnections between issues
    and processes which, when combined with competent
    technical analysis, leads to sound business decision making

►   Leadership: Provide an environment and culture that instill
    leadership principles and develop of leadership skills

►   Diversity: Seek a broad array of people and experiences
    that enhance the overall learning experience


           2009-10 MILESTONES
    • Graaskamp Center announces Professor Stephen
      Malpezzi as new academic director
    • François Ortalo-Magné promoted to full professor
    • Real Estate undergraduate Mara Merutka awarded $10,000
      scholarship from CREW (Commercial Real Estate Women) Network
    • Professor and Graaskamp Center Academic Director Stephen
      Malpezzi presents the plenary address to the European Network                        NOVEMBER
      for Housing Research on the U.S. financial crisis
                                                                                           • Professor François Ortalo-Magné and three MBA
                                                                                             students attend MIPIM Asia in Hong Kong
           SEPTEMBER • Nicholas Billotti, president and CEO
                          of Turner International LLC, receives                            • Professor Morris Davis’ new macroeconomics
                          the inaugural Innovator Award                                      textbook, “Macroeconomics for MBAs and
                                                                                             Masters of Finance,” receives praise from two
                        • WREAA hosts Trends Conference in                                   Nobel Laureates
                          Chicago on “Road Map to Recovery”
                                                                                           • Wisconsin Real Estate MBA students receive
                        • Coordinated by Associate Professor Morris Davis,                   honorable mention in the 2009 National
                          the Graaskamp Center co-sponsors the first                         Real Estate Challenge at McCombs School of
                          Wisconsin–Federal Reserve Bank research                            Business
                          conference with the Federal Reserve Bank
                          of Atlanta                                                       • AREIT students attend the REIT World
                                                                                             Conference in Phoenix, Arizona

                                                    • Graaskamp Center Fall Board Meeting held in
                                                      Madison focuses on “Turbulent Times and the             • The Global Real Estate Master
      AUGUST                                          Future of Our Industry”                                   Program (GREM) is launched
                                                                                                                under the direction of Professor
     • Professor Abdullah Yavas joins               • Graaskamp Center co-sponsors research
                                                                                                                François Ortalo-Magné
       the Department of Real Estate                  conference with the Federal Reserve
       faculty                                        Bank of Atlanta                                         • “Wisconsin Real Estate Viewpoint”
                                                                                                                blog is launched on the Real
     • Professor Morris Davis quoted                • Todd Lillibridge, chairman and CEO of Lillibridge
                                                                                                                Estate Program website:
       in article on                     Healthcare Services, is honored as the E.J.
       “Helping the Unemployed Pay                    Plesko Distinguished Speaker in Real Estate
       Their Mortgages”                               Development                                             • The Graaskamp Center hosts
                                                                                                                new “Graaskamp On the Road”
     • A new class of 17 Real Estate                • Professor François Ortalo-Magné presents
                                                                                                                Roundtable Luncheon events in
       MBA students begin their MBA                   “Housing for Smarties” at the Wisconsin
                                                                                                                Minneapolis and Chicago
       experience at UW-Madison                       School of Business Rays of Research Faculty
                                                      Seminar Series
                                                    • Graaskamp Center hosts a Homecoming tailgate
                                                      bash for Board members and alumni at Grainger
                                                      Hall in Madison
                                                    • Real Estate Club students take their biannual
                                                      national field trip to Washington, D.C., accompa-
                                                      nied by Executive Director Michael Brennan and
                                                      Academic Director Stephen Malpezzi
                                                    • Undergraduates travel to Munich, Germany
                                                      for EXPO REAL led by Faculty Associate
                                                      Joseph Walsh

                                                • Led by Professor François Ortalo-Magné and Lecturer Arif Qureshi,
                                                  first-year MBA students attend MIPIM in Cannes, France
                                                • “Graaskamp on the Road” Roundtable Luncheon event is
                                                  held in Milwaukee
                                                • Real estate alumna Susan Chapman among “75 Most Powerful
                                                  Women in Business” according to Black Enterprise magazine
  JANUARY                                       • Joseph Walsh is promoted to faculty associate
                                                • The Royal Institution of Chartered Surveyors (RICS) approves
  • Assistant Professor Erwan Quintin             accreditation of our BBA and MBA degrees
    joins the Department of Real
    Estate Faculty                              • Real Estate Club students take their biannual national field trip to
                                                  Los Angeles accompanied by Faculty Associate Sharon McCabe and
  • Second-year MBA students travel               Academic Director Steven Malpezzi
    to Rio de Janeiro and São Paulo,
    Brazil for their international study
    trip led by Faculty Associates                                          MAY
    Sharon McCabe and Joseph
                                                                            • The Wisconsin MBA Class of 2010 graduates
                                                                              with 17 real estate MBAs
  • Professor Tim Riddiough takes
                                                                            • Assistant Professor Morris Davis is awarded
    office as the Second Vice
                                                                              tenure and promoted to associate professor
    President of the American Real
    Estate and Urban Economics                                              • Second-year MBA student Stephanie Lentz receives the
    Association (AREUEA)                                                      MBA Leadership Award from the MBA Program Office
  • Professor Abdullah Yavas elected                                        • Professor and Academic Director Stephen Malpezzi chairs
                                                                              a session on rental housing at the World Bank’s Fourth

    to AREUEA’s Board of Directors
                                                                              Global Conference

                                                               • Real estate icon Sam Zell presents the
                                                                 keynote at the Graaskamp Center Spring               JUNE
                                                                 Board Meeting in Chicago
• Professor Abdullah Yavas presents “Asset                                                                            • “Graaskamp on the Road”
                                                               • Coordinated by Associate Professor Morris              Roundtable luncheon held
  Characteristics and Boom and Bust Periods”
                                                                 Davis, the Graaskamp Center co-sponsors a              in Madison
  at the Wisconsin School of Business Rays of
                                                                 research conference with the Federal Reserve
  Research Faculty Seminar Series                                                                                     • Graaskamp Center hosts
                                                                 Bank of Chicago
• Association of Foreign Investors in Real                                                                              the Wisconsin Real Estate
                                                               • Laurence Geller, president and CEO of                  and Economic Outlook
  Estate (AFIRE) survey results released:
                                                                 Strategic Hotels & Resorts, receives the               Conference
  Foreign investors still bullish on U.S. property
                                                                 Real Estate Club Innovator Award
• The Real Estate Club hosts its annual
                                                               • The Real Estate Program hosts its annual
  career fair in Madison
                                                                 Scholarship Breakfast to honor student
• A team of Graaskamp MBA students along with                    recipients and donors
  UW-Milwaukee architectural students receive
                                                               • A team of real estate undergraduates takes
  honorable mention in the ULI Urban Design
                                                                 third place in the USC International Real
                                                                 Estate Case Competition
• A team of Graaskamp MBA students place third
                                                               • A team of real estate undergraduates
  in the UNC Real Estate Development Challenge
                                                                 places first in the NAIOP Minnesota’s 2010
• Four MBA students join Professor François                      University Real Estate Challenge
  Ortalo-Magné to attend the AFIRE Winter
  Conference in New York
• AREIT students attend the invitation-only
  Citi 2010 Global Property CEO Conference


               year ago, momentum in the Graaskamp Center was already
               picking up speed as an academic center ready to embrace the
               global world of real estate. Then, with the addition of Academic
               Director Stephen Malpezzi, Senior Associate Director Kris
    Hammargren, and Executive Director Michael Brennan; and the launch of                          THE GLOBAL REAL ESTATE MASTER (GREM)
    the new Global Real Estate Master (GREM) Program, the pace                                     Kicking off in January of 2011, the Global Real Estate
    accelerated. The Wisconsin Real Estate Program has reached across the                          Master (GREM) will bring students from three of the
    country and around the world to bring new experiences to our students,                         best business schools around the world—Europe’s
    innovative opportunities to our alumni and board, and a new perspective                        HEC Paris, Asia’s HKUST Business School, and Latin
    to us all on the academic and professional potential that exists in real                       America’s INCAE Business School—for the best in real
    estate today.                                                                                  estate education with Wisconsin faculty, alumni, and
                                                                                                   students. GREM students will have a semester of
    During the academic year, we began several exciting new initiatives in our                     intensive real estate training at Wisconsin that will
    ongoing efforts to provide high-quality life-long learning opportunities for                   include real estate coursework, a study tour of a
    students, alumni, and industry professionals, as well as the best benefits                     major U.S. real estate market, and professional
    in the industry for Graaskamp Board members.                                                   development aimed at sharpening their networking
                                                                                                   skills and forging industry connections. Graduates will
                                                                                                   become part of an international real estate network
                                                                                                   made up of the best and brightest students from
                                                                                                   around the world. See page 19 for more information
                                                                                                   on GREM.

                                                                                                   “GRAASKAMP ON THE ROAD”
                                                                                                   ROUNDTABLE SERIES
                                                                                                   ►   IN CHICAGO: Guests met at the Chicago Club to
                                                                                                       hear Gregory Vorwaller of CB Richard Ellis and
                                                                                                       Bruce Cohen of Wrightwood Capital share their
                                                                                                       insights on where the capital and property markets
                                                                                                       are headed over the next year.
                                                                                                   ►   IN MINNEAPOLIS: Brennan and Malpezzi discussed
                                                                                                       the state of the economy as well as recent events
                                                                                                       in housing and mortgage markets, and their impli-
                                                                                                       cations for the aggregate economy, employment,
                                                                             Photo: Steve Becker

                                                                                                       and commercial real estate.
                                                                                                   ►   IN MILWAUKEE: Tim Pire of Heitman Real Estate
                                                                                                       Securities and Brian Newman of Ceres Real Estate
                                                                                                       Partners joined professionals at the University
                                                                                                       Club to cover public and private real estate capital
                                                                                                       markets and where they are headed in 2010.
                                                                                                   ►   IN MADISON: The series concluded with real
                                                                                                       estate veteran Tim Hadro of Loan Management
                                                                                                       Solutions, discussing what went wrong with
                                                                                                       lending institutions in the U.S. and who will survive
                                                                                                       to make real estate investments in the future.

Photo: Steve Becker

                      THE INNOVATOR SERIES                                                               GROWING THE BOARD OF ADVISORS
                      The Innovator Award stems from the idea that a rich                                Brennan established a strong membership committee
                      history cannot be established without continually                                  that meets regularly to discuss board recruitment
                      implementing innovation. This award recognizes some                                issues and identify potential members. With support
                      of the most creative leaders in the industry.                                      from the new committee and the Graaskamp Center
                                                                                                         team, Brennan helped bring 15 new members to the
                      The first recipient was Nicholas Billotti, president and
                                                                                                         board of advisors this year. See page 26 for a list of
                      chief executive officer of Turner International LLC. After
                                                                                                         our new board members.
                      receiving his award, Billotti shared his insights on the
                      challenges companies face in global innovation, from
                      dealing with cultural differences to understanding
                      international law.

                      The Center selected Laurence Geller, president and
                      chief executive officer of Strategic Hotel and Resorts,
                      as the second award recipient. During his
                      presentation, Geller emphasized the importance of
                      customer research and actively managing assets in an
                      effort to adapt to changing consumer preferences.
                      See page 23 for more information on the Innovator

                      BOARD OF ADVISORS MEETINGS
                                                                                   Photo: Steve Becker

                      Brennan, Malpezzi, and the board’s program
                      committee designed cutting-edge agendas focusing
                      on critical issues in the industry. The fall meeting in
                      Madison featured a keynote presentation from
                      Department of Homeland Security Senior Intelligence
                      Officer Robert Kelley, while at the spring meeting in
                      Chicago, the keynote was delivered by real estate icon
                      Sam Zell. Many of our board members and guests
                      ranked this year’s meetings as our best-ever in terms
                      of topics, speakers, and panels. See page 26 for more
                      information on our board meetings.


               he Wisconsin Real Estate MBA is designed for talented and
               motivated students who have a passion for real estate. Our MBA
               students benefit from general business education within the
               business school while building highly-focused real estate
     knowledge and skills within the Graaskamp Center. Our curriculum is the
     most comprehensive of any real estate program in the country and is
     made possible by the depth of our faculty and an expert team of
     lecturers who have a wealth of experience working in the real estate

                        The two-year MBA program balances an in-depth
                        study of real estate with a blend of high-level
                        business courses including accounting, management
                        strategy, finance, and leadership. Required real estate
                        courses include finance and investments, urban
                        economics, international real estate, advanced real
                        estate finance, real estate capital markets, techniques
                        in real estate valuation, and a contemporary topics
                        course. Capstone courses in the second year offer
                        students hands-on opportunities to hone and practice       Admissions
                        their skills on a wide range of high-level real estate
                                                                                   Admission to the Wisconsin MBA program in Real
                        cases and concepts.
                                                                                   Estate is highly competitive. We attract high-quality,
                        Students also learn about real world trends including      diverse students from across the United States and
                        sustainable development while using real-world tools       around the world. In total, 28 students are currently
                        like ARGUS valuation software. Global awareness is         enrolled in real estate, making it one of the largest
                        central to the Wisconsin program and most students         specializations within the business school.
                        participate in two international study trips to
                        experience real estate in other countries and cultures.    Class of 2011 Profile
                        This overall combination of academic study, practical      Enrollment: 17
                        experience, and international exposure gives our MBA       Average GMAT: 666
                        students a solid foundation of real estate                 Average Years of Professional Experience: 4.1
                        fundamentals and analytical techniques, as well as a       Women: 24%
                        broad range of critical thinking, leadership, and cross-   Minorities: 12%
                        cultural skills.
                                                                                   International 6%

                                                                                   Class of 2012 Profile
                                                                                   Enrollment: 11
                                                                                   Average GMAT: 670
                                                                                   Average Years of Professional Experience: 4.4
                                                                                   Women: 27%
                                                                                   Minorities: 0
                                                                                   International: 27%

YEAR ONE                                                                              WHAT OUR RECENT GRADS ARE
                                                                                      SAYING ABOUT THE WISCONSIN
FALL SEMESTER                                SPRING SEMESTER                          REAL ESTATE MBA
Financial Accounting                         Economics for Managers
                                                                                                        Dan Soyka
Intro to Financial Management                Managing Behavior in Organizations                         Real Estate MBA 2010

                                                                                                        “Some of the great selling
Marketing Management                         Ethics & Social Responsibility
                                                                                                        points of this program are the
Data to Decisions                            Operations Management                                      interactions with alumni, the
                                                                                                        industry connections, and the
Real Estate Finance & Investment             Real Estate Capital Markets
                                                                                       travel opportunities to different markets both
                                             Techniques in Real Estate Valuation       inside and outside of the U.S. The field trips
                                                                                       also provided great real-world experience that
                                             Contemporary Topics: MIPIM Trip
                                                                                       complemented the curriculum. I didn’t have
                                                                                       a real estate background when I came here
                                                                                       and, now that I’m graduating, I feel very well
YEAR TWO                                                                               prepared for a career in real estate and ready
FALL SEMESTER                                SPRING SEMESTER                           to hit the ground running. My MBA education
                                                                                       was exceptional.”
Business Strategy                            Multinational Finance (or alternative)

Advanced Real Estate Finance                 Contemporary Topics: Real Estate Law

Urban Economics                              Elective*                                                  Zineb Morabet
                                                                                                        Real Estate MBA 2010
International Real Estate
                                                                                                        “I would tell potential students
                                                                                                        that if they want to pursue
                                                                                                        a career in real estate, they
Italics indicate real estate courses.
                                                                                                        should come to Wisconsin.
*Indicates real estate elective list, including Real Estate Law, Sustainable           The speakers, the trips, the student
Development and Commercial Real Estate Development.                                    organizations, the alumni, the board meetings,
                                                                                       the quality of the professors all come together
                                                                                       to provide an outstanding experience and
                                                                                       education. The depth in which we explore the
                                                                                       field of real estate is amazing.”

                                                                                                                       11                11

               eal estate MBA students have access to a wide variety of
               events and resources to support them during the internship
               and job placement process. These areas of support are
               powerful tools in matching real estate students with
     potential employers:
                        ►   MBA Career Services Office
                        ►   Graaskamp Center staff who offer one-on-one,
                            personalized attention
                        ►   Real Estate Club (including the annual Career Fair
                            and Resume Book)
                        ►   Alumni connections and online employment
                            database available through the Wisconsin Real
                            Estate Alumni Association (
                        ►   Graaskamp Center Board of Advisors members for
                            networking and mentoring through Center events
                            and board meetings

                                                                                                                                         Photo: Martha Busse
                        ►   Wisconsin Real Estate Mentorship Program

                        CLASS OF 2010 JOB PLACEMENT
                        The MBA Class of 2010 entered the job market with
                        82% locating full-time employment within three
                        months of graduation at the following companies:          2010 SUMMER INTERNSHIPS
                        Bank of America                                           Although internships are not required for students
                        Callahan Capital Partners                                 to graduate with an undergraduate or MBA degree
                        Chick-fil-A                                               in real estate, such work experience is extremely
                        Citi Community Capital                                    valuable and an important step along a career path.
                        Greenwich Realty Advisors, Inc.                           The Wisconsin Real Estate Program has a long history
                        Jones Lang LaSalle                                        of students obtaining excellent opportunities and
                        Lucille Roberts Health Spas                               learning applied skills through internships with top
                        M.A. Mortenson Company                                    companies in all fields of real estate.
                        Northwestern Mutual
                        Rose Associates, Inc                                      The average internship salary was $4,216.
                        US Bank                                                   Students interned at the following companies:
                        Wangard Partners, Inc.
                                                                                  Bank of America
                        Class of 2010 Salary Statistics
                        (Permanent placement within three months of graduation)
                                                                                  Capital Innovations
                                                                                  Common Wealth Development
                        Average Base Salary: $75,615                              Fiore Companies
                        Average Signing Bonus: $6,900                             HCN
                                                                                  Holliday Fenoglio Fowler, L.P.
                                                                                  Principal Growth Partners
                                                                                  RE Solutions
                                                                                  Ridge Property Trust
                                                                                  TA Associates Realty

Alumni and Board Members Give Back Through
the Mentorship Program
With a vast pool of successful alumni and         their mentorship experience is one of the
board members matched with an                     best parts of our program. But it is also a
enthusiastic group of real estate students        way for the mentors to give back and get
with a wide range of industry interests, the      involved with the students. I think the
Graaskamp Center’s mentorship program             mentors get as much out of it as the
enjoyed a second highly successful year in        students.”
2009-2010. The opportunity to be a mentor
has inspired many alumni and board
members to get involved and reconnect with
the Wisconsin Real Estate Program, with
over 60 matches between our real estate
students (MBA and undergraduate) and
alumni and board members being made.

Mentors range from recent graduates to
veterans of the field working throughout the
country. Yet they all share one thing in
common - a desire to give back to the
school that started their journeys and to
share their knowledge and experience.
Speaking of his experience as a mentee,
Dan Soyka (MBA ’10) said, “My mentor has
been such a great person to talk to and
learn from. He basically made it his personal
mission to help me build skills to get an
internship and full-time position. We built a     The opportunity to be a mentor has inspired many
tremendous relationship, and I know we’re         alumni and board members to get involved and
going to keep in touch after graduation. It’s
just another example of our great alumni.”        reconnect with the Wisconsin Real Estate Program

“The mentorship program is extremely
valuable, especially in these turbulent times,”
Mentorship Program Coordinator Sharon
McCabe said. “The students have often said


              REIT is a unique track within the MBA program in real estate.
              Selected students undertake formal coursework in preparation for
              a year-long course in which they actively manage a portfolio of
              publicly traded real estate investment trusts (REITs) and real estate
     operating companies. The program provides cutting-edge education in
     understanding real estate as valued in exchange-traded capital markets.

     Students are selected to participate in AREIT
     during the second year of the MBA program.         AREIT FUND BALANCES SINCE 2000
     Beginning in September of the academic
     year, the team forms an investment
     management “firm” that has an
     organizational structure, an economic              $1,000,000

     outlook, an investment philosophy, and a            $800,000
     disciplined strategy to be executed
     throughout the year. The team presents its
     portfolio management proposals to the
     AREIT Board of Advisors (the client) for            $200,000

     approval and subsequent release of funds to               $0

     manage.                                                                          01                   00
                                                                                                                                                                  4                    05                    06                    07                        8*                        9*                        0*
                                                                             -   20                   -2                       -2                       -2                    -   20                -   20                -   20                    2   00                        00                        01
                                                                          00                   00
                                                                                                                                                    3                      04                    05                    06                        7-                      8   -2                    9   -2
                                                                     20                    2                        2                        2                        20                    20                    20                    2   00                        00                        00
     AREIT helps students learn and develop                                                                                                                                                                                                                       2                         2
     important skills: fundamental research and              * Funds reflect $115,000 for payment for 2004-07, $36,500 on 2008, and $33,000 in 2009.
     portfolio management, a thorough
     understanding of real estate and capital
     markets, successful teamwork, and how to             2009-10 FUND PERFORMANCE
     make polished and professional                       By David Shulman, AREIT Director for the 2009-10 Academic Year
                                                          As of June 30, 2010 the AREIT account stood at $845,650 compared to
                                                          $613,485 report for the prior fiscal year, representing an increase of $232,115.
                                                          The results include the payment of $33,000 for administrative expenses. A
                                                          REIT bull market is a wonderful thing.

                                                          Our three AREIT students, Josh Mesner, Dan Soyka, and Eric Yao, took over the
                                                          portfolio on October 1, 2009 and were responsible for its performance
                                                          through April 30, 2010. Although their overall economic thesis of
                                                          manufacturing leading the U.S. recovery proved correct, unfortunately, it did not
                                                          carry over to the stock performance of the REITs, which are heavily exposed to
                                                          the manufacturing regions (midwest and southeast) of the country. The AREIT
                                                          team reported a portfolio gain of 23.97% compared to the 28.53% gain
                                                          reported by the MSCI REIT Index, an under performance of 4.56%. As one of
                                                          the team members remarked, “never has making $200,000 felt so bad.”

                                                          During the year, the team met one-on-one with several REIT management
                                                          teams, attended two NAREIT conferences and the Citigroup REIT conference in
                                                          Florida. Along the way they learned, in a very real way, what it is like to be a
                                                          REIT portfolio manager.

AREIT Leadership Changes                       AREIT Program Gives Students Real-World Experience
                 Tim Riddiough, professor      that is “Second to None”
                 of Real Estate, will serve                                                    input to the students’ investment strategies,”
                                               Ask MBA student Josh Mesner (MBA ‘10)
                 as AREIT director                                                             says David Shulman. “They challenge the
                                               about the value of the Graaskamp Center’s
                 beginning in the fall.                                                        students and question their assumptions.
                                               Applied Real Estate Investment Track
                 Professor Riddiough, who                                                      The board brings an unparalleled level of
                                               (AREIT), and his response quick and certain.
                 served as academic                                                            sophistication and skill to the process.”
                                               “Classroom learning is great, but to have the
                 director of the Graaskamp                                                         Shulman himself has been a unique
                                               opportunity to gain the practical experience
Center from 2004 to 2009, and also                                                             asset to the program. After retiring from
                                               of managing real money in real time is
served as AREIT director in the past, is                                                       Lehman Brothers, where he was managing
                                               second to none,” he says.
known throughout academia and industry                                                         director and head REIT analyst, he created
                                                   The first program of its kind in the
for his research on a variety of                                                               his own LLC. As an advisor, Shulman kept
                                               country, AREIT offers a combination of
commercial real estate finance topics,                                                         the team on its toes with up to 20 emails a
                                               theoretical foundation and first-hand
including mortgage securitization, real                                                        week, directing them toward the latest
                                               experience to give students an opportunity
options, and REIT investment.                                                                  industry news and research. Though he is
                                               to experience the challenges of managing a
                 After three years serving     REIT portfolio in today’s market. For some,     not based in Madison, he stayed in regular
                 as AREIT Director, David      the chance to be a part of the AREIT team       touch with the AREIT team through weekly
                 Shulman will be stepping      was the draw of pursuing an MBA in Real         conference calls and planned visits.
                  down, but will continue to   Estate at the Wisconsin School of Business.         “Shulman has been a great advisor to
                  be involved in the                “I heard about the program when I was      this program,” says Eric Yao (MBA ‘10), a
                  program as an advisor.       first looking at Wisconsin,” says AREIT         member of the 2009-2010 AREIT team.
                  His students, the real       student Dan Soyka (MBA ‘10). “Knowing           “He is knowledgeable, responsive, and
estate faculty, and the AREIT Board all        that it was an option definitely helped me      willing to share his professional network
agree that his dedication to his students      make the decision to come to Wisconsin.”        with us. He is also very straightforward and
and deep knowledge of the REIT industry            AREIT students immediately get to work,     down to earth. He treats you as a friend
have been a great asset to the program.        within the first month of the fall semester     while teaching you a tremendous amount
                                               submitting their structure, economic outlook,   about the field.”
Stephen Malpezzi, professor and                investment philosophy, and strategy                 Board members Michael Casey and
academic director of the Graaskamp             proposal for approval by the AREIT Board of     David Toti, both alumni of the Wisconsin
Center says, “I’ve been learning from          Advisors, which serves as the client. This      Real Estate Program, stress the value of
David’s research for decades myself. He is     group of Wisconsin School of Business           the AREIT and the experience it gives to
one of those rare people who had               alumni includes professionals from across       students about to take on a challenging
success in academia and then went on to        the country from some of the most               job market.
even greater success as one of Wall            prominent companies in the industry                 “This experience is much more valuable
Street’s most respected real estate and        today—making them well qualified to put         than just managing a hypothetical portfolio,”
equity analysts. For several years he’s        the AREIT team through the rigors of a          Casey says. “I am a big believer in the case
been giving back, again, as an educator,       demanding client-manager relationship.          study approach to education. AREIT is the
and we thank him for his contributions,             “These are leaders in the industry who     ultimate case study experience for a
past, present, and future. Our students        can and do provide serious professional         student.”
have benefited tremendously from his
past direction, and will continue to do so
as he takes up his new advisory role.”


                     isconsin Real Estate MBA students strive to be the very
                     best both in and outside of the classroom, and our
                     program offers a wealth of opportunities for them to
                     develop real estate experience and leadership through
     participation in case competitions, student and industry organizations,
     and by developing a network of future professional contacts through our
                                                                                  2009-2010 CASE COMPETITIONS
     board meetings, conferences and events. Our students’ participation and      2009 NATIONAL REAL ESTATE CHALLENGE
     performance in case competitions, conferences and workshops                  November 17, 2009
     worldwide furthers the global reach and impact of the Graaskamp              Hosted by: University of Texas at Austin McCombs
     Center.                                                                      School of Business
                                                                                  Graaskamp Team: Chris Hooker, Chris Jillings, Jim
                                                                                  Lindsey, Tanner Mueller
                       REAL ESTATE STUDENTS SHINE IN
                       CASE COMPETITIONS                                          Result: Honorable Mention
                       The field of real estate has long called for a healthy
                                                                                  ULI URBAN DESIGN COMPETITION
                       mix of market knowledge and competitive edge.
                                                                                  February 1, 2010
                       During the past academic year, five teams of UW real
                                                                                  Hosted by: ULI
                       estate students showed an impressive combination of
                                                                                  Graaskamp Team: Tanner Mueller, Alex Livadas, Ethan
                       both by competing in some of the most prestigious          Skeels (UW-Milwaukee), Kristin Reichart
                       and challenging real estate case competitions in the       (UW-Milwaukee), James Lewis (UW-Milwaukee)
                                                                                  Result: Honorable Mention
                       “All of our students who have competed in these
                                                                                  UNC REAL ESTATE DEVELOPMENT CHALLENGE
                       challenges have been excellent ambassadors of the
                                                                                  February 19, 2010
                       Wisconsin Real Estate Program,” said Arif Qureshi,
                                                                                  Hosted by: University of North Carolina
                       lecturer and team advisor. “Not only have they             Graaskamp Team: Chris Hammes, Lindsay Kruger,
                       excelled in their results, they have also displayed true   Zineb Morabet, Tanner Mueller
                       professionalism at every turn. I could not be more
                                                                                  Result: Third Place
                       pleased with their performances.”
                                                                                  USC INTERNATIONAL REAL ESTATE CASE
                       Being a part of a case competition team can be
                       extremely demanding, especially with a full course
                                                                                  April 16, 2010
                       load, but our passionate students have proven time         Hosted by: University of Southern California Marshall
                       and time again that they are up for the challenge. “I’m    School of Business
                       proud of our team’s performance, but more                  Wisconsin Team: Undergraduate students David
                       importantly, I’m grateful for the opportunity to           Greenhalgh, Ben Hakes, Bruce Klink, Zach Kranz,
                       participate, the quality team I got to work with, and      Mara Merutka, Chad Redding
                       the support of the program and our alumni who              Result: Third place
                       helped make the trip possible,” said Chris Jillings
                       (MBA ’10), who participated in the National Real           NAIOP UNIVERSITY REAL ESTATE CHALLENGE
                       Estate Challenge team hosted by the McCombs                April 22, 2010
                                                                                  Hosted by: NAIOP, Minnesota Chapter
                       School of Business in November.
                                                                                  Wisconsin Team: Undergraduate students Andrew
                                                                                  Berger, Christine Heise, Alissa Kearney, Scott Larson,
                                                                                  Katelyn Murray, Nate Ross

                                                                                  Result: First place


            uring the 2009-10 academic year, more than $100,000 was
            awarded to graduate students through the Center in the form
            of recruiting scholarships, fellowships, and program
            assistantships. Financial assistance is a critical ingredient in
drawing top students to the real estate program. Donors know that their
support attracts high-caliber students, ones who will make excellent
alumni and future business partners.

   Thanks to generous donations, we are now offering more project
assistant positions than ever before. Students who obtain these positions
receive full tuition, benefits, and a stipend and, in turn, work about 13 hours
a week for the Center.

Scholarship donors, student recipients, faculty, and staff,
gathered at the Fluno Center on April 23, 2010 for the
Wisconsin Real Estate Scholarship Breakfast. The annual
event celebrate two important components of the Real
Estate Program—its extraordinary student talent and its
many generous alumni and friends who provide needed
financial support.
   “I am humbled at the generosity of our donors and
alumni,” said Professor and Department Chair François
Ortalo-Magné. “In these economic times, for our program
to be able to grant more scholarships and more overall
money to our students than we did last year is truly
   Twenty-five scholarships and awards totaling $34,000
were given at this year’s breakfast. After the presentation,
many recipients had the opportunity to personally thank the
donors who made their gifts possible.
   “These scholarships and awards are crucial to helping
our students complete their educations,” Ortalo-Magné
added. “I am proud to see our students honor our donors
not only with their thanks, but with their continued hard
work and success.”


                    ith a reputation for being one of the most active student
                    associations within the Wisconsin School of Business, the
                    Real Estate Club continues to be an integral part of the
                    educational experience for students. Through its speaker
     series and semi-annual field trips, students have the opportunity to not       WASHINGTON, D.C. TRIP
                                                                                    Forty-five students and three faculty members were
     only examine multi-faceted major real estate markets, but also to
                                                                                    led by Brian Berry (BBA ’89), and Andrew Weir
     network with prominent UW alumni in the field, with an added bonus of          (MBA ’97) on a tour of our nation’s capital.
     forging friendships that can last a lifetime. The Club’s success is largely
     due to generous alumni donations of time, talent, and financial support.       Highlights included tours of St. Elizabeth’s, National
                                                                                    Harbor, and an opening night cocktail party with local
     Each year, the Real Estate Club also sponsors a career fair to create an       alumni on the rooftop of 1730 Pennsylvania Avenue.
                                                                                    Led by Real Estate Club Presidents Dan Soyka (MBA
     opportunity for company representatives to meet Wisconsin’s best and
                                                                                    ’10), and Rich Browning (MBA ’10), and
     brightest who want to explore the challenges and opportunities to be           accompanied by Graaskamp Center Academic
     found in the real estate profession. The fair provides a forum for students    Director Stephen Malpezzi, the trip was a rich
     and employers to network and line up internships and full-time job             opportunity to study real-world real estate challenges
     prospects.                                                                     and network with the many alumni who graciously
                                                                                    volunteered their time and expertise.

                               2009-10 SPEAKER SERIES                               “The Club went to great lengths to make this trip a
                                                                                    success, but it could not have done so without the
                               The Real Estate Club hosts a broad range of
                                                                                    support of our alumni and board members,” said
                               real estate executives from across the country       Malpezzi. “Not only was this an excellent opportunity
                               who provide insights on many aspects of the          for our students to network and learn, but it also
                               real estate industry. This year’s speakers           reinforced for them the value of giving back, and to
                               included:                                            hopefully follow in these alumni’s footsteps when
                                                                                    they enter the professional world.”
                               Nicholas Billotti, CEO of Turner International
                                 (recipient of the “Innovator Award”)
                                                                                    LOS ANGELES TRIP
                               Chris Merrill, CEO of Harrison Street Real
                                                                                    The spring trip took students to Los Angeles, where a
                                 Estate Capital
                                                                                    core group of alumni from the LA area helped Real
                               Clay Nesler, Vice President of Global Energy and     Estate Club Presidents Tom Gershman (MBA ’10),
                               Sustainability at Johnson Controls                   and Brandon Winter (BBA ’10), plan stops in Santa
                               Richard Hadler, former site selector for Walgreens   Monica, Beverly Hills, Culver City, and LA.
                               David Bossy, Chairman of Mid-America                 Accompanied by Stephen Malpezzi and Sharon
                                 Development Partners                               McCabe, the trip included tours of The Montage
                               David Shulman, former Head REIT Analyst for          Hotel and The Grove retail center, both in Beverly
                                 Lehman Brothers                                    Hills; Santa Monica Place, another retail center; the
                               Laurence Geller, CEO of Strategic Hotel and          Symantec Office Center in Culver City; the 2000
                               Resorts (recipient of the “Innovator Award”)         Avenue of the Stars office complex in Century City;
                                                                                    and Evo-South condominiums and Los Angeles
                               Todd Phillips, Senior Managing Director of Halcyon
                                                                                    Center Studios in downtown LA.
                                 Capital Markets
                                                                                    Alumni supporters included Gary Duff (MBA ’94), of
                                                                                    Morgan Stanley. “Our recent trip gave students
                                                                                    access to some of the top projects in Los Angeles
                                                                                    and interaction with industry leaders,” Duff says. “It
                                                                                    really helps to bridge lessons learned in the
                                                                                    classroom with real-world demands. Overall, the
                                                                                    students energize the alumni and trips often result in
                                                                                    job opportunities, making this a win-win experience.”


    isconsin’s history of international expertise and activity sets
    it apart from other real estate programs. That longevity has
    led to unparalleled business and academic connections
    and affords students exceptional global networking

         NEW PROGRAM TO CREATE LEADERS IN                             GREM is an excellent complement to the already
         GLOBAL REAL ESTATE                                           global approach the Wisconsin Real Estate Program
         The Graaskamp Center is positioning itself as not just       takes to education. Students take international trips to
         a global participant, but a global leader in real estate     study real estate markets and attend the best
         education as it has partnered with three of the top          international conferences, such as MIPIM or EXPO
         international schools of business to offer a new             REAL. GREM not only adds a new educational
         degree, the Global Real Estate Master (GREM). This           element, but also the opportunity to expand the
         intensive, one-semester program brings students from         range of international connections for students to
         the three partner schools to study real estate at            access as they pursue international career
         Wisconsin with a focus on real-world application of          opportunities.
         what is becoming a global real estate finance
                                                                      In January of 2011, about a dozen students from the
                                                                      three partner universities will converge in Madison to
         Professor and Department Chair François Ortalo-              join the inaugural GREM class. Program coordinators
         Magné is leading the initiative. “We are excited to          have been busy with their preparations for a
         have assembled such a stellar partnership of top             successful launch.
         business schools around the world to help us recruit
                                                                      “GREM is about exploring all the potential benefits
         and train future leaders of the global real estate
                                                                      that our global partnership can bring,” said Ortalo-
         industry,” he says. “It will be an incredible experience
                                                                      Magné. “We continue to invest and expand the
         for all involved—students from around the world
                                                                      activities of the program, to produce best-in-class
         sharing the same classroom in Madison and learning
                                                                      alumni, and to move toward our goal of
         real estate the Wisconsin way.”
                                                                      acknowledged global leadership in real estate
         GREM will bring Wisconsin MBA students together              education. We will turn our alumni network from
         with those from Europe’s HEC Paris, Asia’s HKUST             best-in-the-U.S. to best-in-the-world.”
         Business School, and Latin America’s INCAE Business
         School. GREM students will have a semester of
         intensive real estate training at Wisconsin that will
         include real estate coursework, a study tour of a
         major U.S. real estate market, and professional
         development aimed at sharpening their networking
         skills and forging industry connections. Graduates will
         become part of an international real estate network
         made up of the best and brightest students from
         around the world.


                    isconsin is a pioneer in global real estate education. In
                    1991, our first group of students visited France, The
                    Netherlands, England, and Germany (where they lodged
                    in the former East Berlin). Nearly two decades later, our
     faculty and students continue to travel the world to study global real
     estate markets.

                        TO MUNICH FOR EXPO REAL IN OCTOBER
                        Wisconsin School of Business undergraduates taking
                        International Real Estate got a true hands-on
                        experience as they traveled to Munich, Germany for
                        EXPO REAL, one of the largest real estate conferences
                        in the world. Featuring 500 speakers and 1600
                        exhibitors, EXPO REAL caters to the full spectrum of
                        the real estate industry. Faculty Associate Joe Walsh
                        led the trip, as well as served on the EXPO REAL
                        Career Day panel.
                           All participating students were required to first
                        investigate the real estate investment climate in
                                                                                 TO HONG KONG FOR MIPIM-ASIA
                        pre-assigned countries, including Germany, Turkey,
                                                                                 IN NOVEMBER
                        Poland and Russia. While at the conference, students
                                                                                 Professor and Department Chair François Ortalo-
                        were able to visit booths from those countries, speak
                                                                                 Magné and three Wisconsin Real Estate MBA students
                        with exhibitors and gather data, so they could
                                                                                 traveled to Hong Kong to attend MIPIM Asia. With
                        incorporate more country-specific information into
                                                                                 over 1500 participants, the event provided a valuable
                        their final report. “To see the globalized economy
                                                                                 opportunity for students to hear directly from leading
                        operate in front of my own eyes for the first time was
                                                                                 decision makers in global real estate and to expand
                        an amazing experience,” said participating student
                                                                                 their international network.
                        David Greenhalgh. “It’s a lot easier to learn about
                                                                                    Not just participants, Ortalo-Magné and his
                        foreign markets when you find yourself immersed in
                                                                                 students worked to gather data and present a survey
                        one for a week.”
                                                                                 of attendee perceptions and predictions at the closing
                                                                                 session on November 20. Along with Bret Wilkerson,
                                                                                 CEO of Property and Portfolio Research, they shared
                                                                                 that 72% of MIPIM Asia participants felt more
                                                                                 optimistic about the state of real estate. In particular,
                                                                                 they noted there are strong signs of economic growth
                                                                                 in China and South East Asia and that capital flows
                                                                                 are now much stronger than in 2008.

Faculty Associate Joe Walsh represented the
Graaskamp Center at the 2010 MAPIC Conference, a
gathering of over 6500 professionals focused on the
retail sector of the global market. While there, Walsh
collaborated with several students from HEC, the top        TO SÃO PAULO AND RIO DE JANEIRO IN JANUARY
business school in Europe and a partner in the              Fourteen second-year MBA students said “Tchau” to winter snow to visit one of
developing Global Real Estate Master’s Program.             the world’s hottest emerging real estate markets: Brazil. Traveling to both São
    Like Professor Ortalo-Magné in Hong Kong, Walsh         Paulo and Rio de Janeiro, students enjoyed a mix of seminars and presentations
also presented the findings of a survey of MAPIC            on the Brazilian real estate market, site visits to local real estate developments,
attendees regarding their perceptions and predictions       meetings with industry executives, and time to explore and experience the local
for the industry. With the help of HEC students, Walsh      culture.
shared a renewed sense of optimism in the                      “I did not expect Rio and São Paulo to be so different from one another, not
international retail market, and 53% of those polled        only in terms of the growth patterns and real estate development process, but in
felt more optimistic at the end of MAPIC than they          the attitudes and culture of the people working and living in each,” said MBA
did at the start, and over 65% of retailers expressed       student Stephanie Lentz (MBA ’10). “I think this realization drove home just how
optimism about the coming 12 months.                        much variation there is in the world, not politically and economically, but culturally
                                                            within nations themselves.”
                                                               Faculty Associate Sharon McCabe, who co-led the trip to Brazil with Faculty
                                                            Associate Joe Walsh, said these experiences reinforce for her the value of
                                                            international travel as part of a well-rounded education. “To see the students get
                                                            excited and inquisitive about real estate outside the classroom was great. You
                                                            could tell that they were constantly stimulated, as they asked many thoughtful
                                                            questions of the businesses that hosted them.”

                                                            TO CANNES FOR MIPIM IN MARCH
                                                            Professor François Ortalo-Magné led 15 first-year MBA students to Cannes for the
                                                            2010 MIPIM conference. This was the fifth year the Program has sent MBA
                                                            students to meet with and learn from some of the leading minds in global real
                                                            estate. MBA students again partnered with CREOpoint, the online community for
                                                            global commercial real estate, to blog each day’s sessions, which ranged from
                                                            trends in global markets, new challenges for social housing to innovations in hotel
TO NEW YORK CITY FOR THE AFIRE                              and tourism real estate.
WINTER CONFERENCE IN FEBRUARY                                  Very popular among this year’s students was the Mayor’s Think Tank discussion,
Professor François Ortalo-Magné led four second-year        an invitation-only event featuring mayors, vice mayors and top policy makers from
real estate students to AFIRE’s Winter Conference held      around the world sharing their experiences, thoughts and best-practices related to
on February 9-11, 2010 in New York City. The                sustainable urban strategy.
Association of Foreign Investors in Real Estate (AFIRE),       As in Hong Kong at MAPIC, students surveyed MIPIM attendees and exhibitors
a not-for-profit association of international real estate   on their outlook for 2010. Professor Ortalo-Magné presented those findings in the
investors, represents nearly 200 investing                  wrap-up session with Dr. Thomas Beyerle, head of global research for Aberdeen
organizations from 21 different countries. Ortalo-          Property Investors. After he and Dr. Beyerle discussed the current state of the
Magné and the Graaskamp Center also conduct                 markets, they shared a somewhat hopeful survey summary: over half of booth
AFIRE’s annual global investment survey.                    representatives said they felt more positive about the market, and a majority of
                                                            both attendees and exhibitors reported feeling positive about the direction the
                                                            year was taking.

                       CONNECTING WITH
                       REAL-WORLD LEADERS

                                 s part of the Wisconsin Real Estate Program’s commitment to
                                 furthering the real estate profession as a whole, the Center         Wisconsin Real Estate Program Receives
                                 invites cutting-edge industry leaders to share their insights with   Royal Institution of Chartered Surveyors
                                 our students, faculty, board and community. It’s a classic “win-     (RICS) Accreditation
                      win” situation – speakers are honored to speak at one of the country’s          The Wisconsin Real Estate Program
                      premier real estate programs, and students have the opportunity to              has a new mark of distinction to add
                      discuss professional issues with both established leaders and rising stars      to its list of honors and recognitions—
                      in real estate.                                                                 the BBA and MBA programs have
                                                                                                      been granted accreditation by the Royal Institution
                                                                                                      of Chartered Surveyors (RICS), a prominent
                                                                                                      worldwide organization for professionals in
                                                                                                      property, land, construction, and related
                                                                                                      environmental issues with 140,000 members in
                                                                                                      146 countries. This accreditation shows employers
                                                                                                      that our curriculum, faculty, and students meet
                                                                                                      RICS’ rigorous standards for professionalism,
                                                                                                      academics, and ethical conduct.

                                                                                                      “As we move forward toward our goal of
                                                                                                      expanding the international reach of the Wisconsin
                                                                                                      Real Estate Program, attaining RICS accreditation is
     Photo: Steve Becker

                                                                                                      a wonderful accomplishment, but gaining it is a
                                                                                                      beginning, not an end,” Department Chair Francois
                                                                                                      Ortalo-Magné says. “With it, we can open doors
                                                                                                      for our students, as well as explore new ways to
                                                                                                      improve the profession worldwide. This is an
                                                                                                      outstanding opportunity for our students and
                                                                                                      recent alumni to be part of a growing movement
                                                                                                      within the global real estate market to enhance
                                                                                                      the values of social responsibility we all share as
                                                                                                      stewards of the urban environment.”

                                                                                                      Individuals may also earn RICS credentials, which
                                                                                                      are recognized worldwide as a mark of excellence
                                                                                                      in education and professional achievement. A
                                    Photo: Steve Becker

                                                                                                      degree from a RICS-accredited program can speed
                                                                                                      up the credentialing process for individuals,
                                                                                                      especially those with fewer years of professional
                                                                                                      experience. Professors Abdullah Yavas and François
                                                                                                      Ortalo-Magné, and Faculty Associate Joe Walsh
                                                                                                      have been named Fellows by RICS, a prestigious
                                                                                                      award that is typically granted to leaders in the
                                                                                                      property field who have made significant
                                                                                                      contribution to the profession. Yavas and Ortalo-
                                                                                                      Magné were offered Eminent Professional status, a
                                                                                                      status reserved to an elite group representing the
                                                                                                      forefront of the property profession.

Recognizing Innovation and Imagination in Real Estate
                                                          Nicholas Billotti and Laurence Geller are Inaugural
                                                          Recipients of the Innovator Award
                       Todd Lillibridge Shares
                       “Little Life Lessons” as           The Real Estate Club named Nicholas Billotti
                                                          and Laurence Geller as the fall and spring
                       E. J. Plesko Distinguished
                                                          recipients of the new Innovator Award.
                                                          Presented jointly by the Club Presidents and
Todd W. Lillibridge, chief executive officer and presi-   Michael Brennan, executive director of the
dent of Lillibridge Healthcare Services, shared what      Graaskamp Center, the award was conceived
he called “Little Life Lessons” as the third speaker in   from the paper entitled “Tradition and
the E. J. Plesko Distinguished Speaker Series in Real     Innovation,” written by Stephen Malpezzi,
Estate Development. The series features speakers          professor and academic director of the
who embody the Wisconsin Tradition in their spirit,       Graaskamp Center. The paper’s central theme
                                                                                                             Laurence Geller
imagination, entrepreneurial skills, and enthusiasm       is that a rich history cannot be established
for improving the quality of our built environment.       without continually implementing innovation. The award recognizes
Lillibridge’s experiences led him to develop a list of    outstanding individuals who have made a creative mark on the real
“life lessons,” starting with the basics: Be humble and   estate industry.
stay smart.
                                                                                            The first recipient was Nicholas Billotti,
“It’s not necessarily intellectually smart, but smart                                       president and chief executive officer of
enough to know when to ask good questions and                                               Turner International LLC. After
when to listen,” Todd clarified. He encouraged                                              receiving his award, Billotti shared his
listeners to seek out the brightest and most dedicated                                      insights on the challenges companies
colleagues in order to advance an organization, and                                         face in global innovation, from dealing
to remember openness and transparency for good                                              with cultural differences to
communication. Equally important is giving back:                                            understanding international law.
“And it’s not necessarily financially. Give your time,                                      Laurence Geller was selected as the
especially when it’s something you’re passionate                                            second award recipient. Geller is the
about. You don’t need to wait, you can start now.”                                          president and CEO of Strategic Hotel
                                                                                            and Resorts, a REIT that has a
The speaker series is made possible by a gift from
                                                                                            portfolio of upscale and luxury hotels
developer E. J. Plesko, a Graaskamp Center board
                                                                                            and resorts in North America and
member and president of E.J. Plesko & Associates, a
                                                          Nicholas Billotti                 Europe.
real estate development and management company
based in Madison.                                                                           In his presentation Geller counseled
                                                          against adhering too rigorously to established protocols and failing to
                                                          adapt to changing consumer preferences. Geller closed his talk by
                                                          emphasizing that persistence and determination are vital to success in
                                                          any industry.

                   GUEST SPEAKERS

                          he center gratefully acknowledges the prominent developers,
                          consultants, and other industry leaders who contributed their      Jean Barden, DG HYP
                          time and talent to supporting the real estate program over the
                                                                                             Kay-Uwe Bergmann, BIG
                          past year. These interactive forums provide students with unique
                                                                                             Paul Boneham, Kennedy Associates
                   opportunities to learn from real estate professionals and alumni.
                                                                                             Helen Bradbury, Stone House Development
                                                                                             Fred Campbell, Cascade Group, LLC
                                                                                             Michael Christopher, DeWitt Ross & Stevens
                                                                                             Michael Conaghan, Newry Capital Group
                                                                                             John Deininger, Knight-Barry Title Services
                                                                                             Dan Fasulo, Real Capital Analytics
                                                                                             Christopher Fiegen, Equity International Properties
                                                                                             Patricia Gibeault, Axley Brynelson, LLP
                                                                                             Jean-Claude Goldenstein,
                                                                                             Gary Gorman, Gorman & Company, Inc.
                                                                                             Joe Gromacki, City of Madison
                                                                                             Michael Hershberger, Baker Tilly Virchow Krause, LLP
                                                                                             Wenzel Hoberg, CPP Investment Board
                                                                                             Bruce Johnson, Regency Centers Corporation
                                                                                             Audrey Klein, Park Hill Group
                                                                                             Michael Komppa, Corum Real Estate Group
                                                                                             Daniel Larson, CUNA Mutual Group
                                                                                             Shelly McCoy, UW Credit Union
Bruce Fritz

                                                                                             Gregg McManners, Monona Terrace
                                                                                             Mahdi Mokrane, AEW Europe
                                                                                             Bradley Olsen, Atlantic Partners, Ltd.
                                                                                             Arthur Pasquarella, BPG Properties, Ltd.
                                                                                             Bill Peterson, Wisconsin Department of Administration
                                                                                             Daniel Peterson, J.H. Findorff & Sons, Inc.
                                                                                             Ray Petkovsek, Petkovsek & Moran, LLP
                                                                                             Todd Phillips, Halcyon Capital Markets
                                                                                             Jeff Raymond, The Raymond Group
                                                                                             Susan Springman, Mullins Group
                                                                                             Dave Stark, Stark Company Realtors
                                                                                             John Tracey-White, RICS
                                                                                             Greg Uhen, Eppstein Uhen Architects
                                                                                             Mike Whaley, J.H. Findorff & Sons, Inc.
                                                                                             Amanda Wilson, UW Credit Union
                                                                                             Mark Winter, The Oakbrook Companies
                                                                                             Paul Wolfenden, DTZ


                 e give high priority to strengthening our working
                 relationships and friendships with industry professionals, as
                 well as alumni. As part of our commitment to outreach and
                 education, the Center sponsors its annual Wisconsin Real
  Estate and Economic Outlook Conference (formerly the Wisconsin
  Housing Conference) designed to address issues critical to the industry
  and public policy. The Center also jointly sponsors receptions with the
  WREAA at three national professional conferences: ULI, MBA, and ICSC.
  The receptions help maintain visibility for the Center and the WREAA
  while fostering a networking opportunity for alumni and associates.

                      The 13th annual Wisconsin Real Estate and Economic          The two elements to watch, according to Altig,
                      Outlook Conference, titled “Navigating the Credit           were GDP and employment numbers. Overall
                      Crunch: What’s Ahead for Wisconsin?” took a broad           GDP growth over the last six months has
                      look at the multitude of factors affecting Wisconsin’s      improved, but a closer look at the breakdown
                      economic future and its ripple effect on the availability   shows retail still on a steep decline while
                      and flow of credit. Drawing from the public, private,       manufacturers are beginning to level out. Tied to
                      nonprofit, and academic spheres, speakers brought a         GDP is consumer consumption, which leads to
                      wealth of professional expertise to this year’s event,      Altig’s second major element: unemployment.
                      held on June 4 at the Fluno Center.
                                                                                  Household net worth, he noted, is still below
                      Welcomed by Associate Professor Morris Davis, the           pre-recession levels, and in response to the
                      attendees included industry professionals from real         economic situation, people are saving instead of
                      estate, banking, government, and more, along with           spending. The unemployment rate is still
                      faculty and students from the Wisconsin School of           uncomfortably high, and Altig reminded those who
                      Business. Davis recognized the conference’s                 expected quick results that it takes 200,000 jobs a
                      co-sponsors: the Graaskamp Center, the Wisconsin            month for 12 months in a row to reduce the
                      Department of Commerce, the Wisconsin Realtors              unemployment rate by 1 percent.
                      Association, the Wisconsin Housing and Economic
                      Development Authority (WHEDA) and, new this year,           Altig shared a positive view of the country’s future,
                      the Wisconsin Bankers Association.                          predicting small but steady growth in 2012. He
                                                                                  reflected on past recessions and depressions,
                      In a lively talk titled “What Next? An Economic             which were followed by steep growth afterward,
                      Update,” keynote presenter David Altig shared an            and said he did not see this situation following the
                      insider look in his role as senior vice president of the    same pattern. Instead, there has been a slow
                      Federal Reserve Bank in Atlanta. Altig advises the bank     growth fueled in part by the stimulus package.
                      president on monetary policy and related matters and        “We have a long, long way to go,” Altig said. “Slow
                      oversees the bank’s regional executives and its             and steady goes the race.”
                      research department.

                                2009-2010 BOARD OF ADVISORS

                                          omposed of top real estate executives in the country, the
                                          Graaskamp Center’s board members are among our greatest
                                          assets. Not only do they serve as a core advisory and support
                                          group for the center, they bring a wealth of experience and
                                resources and share a common passion for and commitment to
                                excellence in real estate education.

                                                     The board members’ advice and involvement with

                                                                                                                 Photo: Steve Backer
                                                     students is one of the features that sets our real
                                                     estate program apart. They support our vision in a
                                                     variety of ways—by sharing their knowledge as guest
                                                     lecturers in the classroom, serving as mentors to
                                                     graduate students, recruiting talent for their firms, and                         NEW MEMBERS IN 2009-10
                                                     participating in exclusive, high-level board meetings                             Eric Anderson, Credit Suisse
                                                     each year.
Photo: Steve Backer

                                                                                                                                       Tim Carew, Carewco
                                                                                                                                       Todd Carpenter, Baker Tilley
                                                     We want to thank all of our members for their
                                                     generous and continued support of the Graaskamp                                   Corey Chisnell, BMO Capital Markets Corporation
                                                     Center for Real Estate and our mission. Memberships                               Ann Danner, Residential Homes of America, Inc.
                      Sam Zell receives his new      are critically important to our sustainability because                            William Ferguson, Ferguson Partners Ltd.
                      Wisconsin Real Estate cap
                                                     the center is entirely self-supporting, including all                             Laurence Geller, Strategic Hotels & Resorts, Inc.
                      after presenting the keynote
                      at the spring Board Meeting    operating expenses and the budget for our staff and a                             Dan Schulte, Principal Enterprise Capital, LLC
                                                     portion of its academic director.                                                 Robert Karner, CreXus Investment Corp.
                                                                                                                                       Scott Riser, Baker Tilley
                                                     As always, one of our top priorities is to elevate and
                                                                                                                                       Michael Rowan, GE Capital – Real Estate
                                                     expand the center membership while maintaining a
                                                     high-quality membership at the senior level within the                            Michael Robb, Pacific Life Insurance Company
                                                     industry. We welcome suggestions for prospective                                  Robert Vanecko, Brennan Investment Group, LLC
                                                     board members. Please contact Executive Director                                  Gregory Vorwaller, CB Richard Ellis
                                                     Mike Brennan at (608) 263-4392 or mbrennan@bus.                                   Johannson (JoJo) Yap, First Industrial Realty Trust, Inc.
                                            if you would like to recommend a
                                                     prospective member.                                                               BOARD MEETINGS
                                                                                                                                       As part of the board of advisors, our members attend
                                                     The board currently has 79 members, including
                                                                                                                                       high-level board meetings that provide critical
                                                     honorary, student, and lifetime members. The Center
                                                                                                                                       perspectives and penetrating discussion different from
                                                     welcomed 15 new members since July 1, 2009.
                                                                                                                                       what is offered at typical industry meetings and
                                                                                                                                       summits. The semi-annual meetings (held in the fall
                                                                                                                                       and spring) are a venue for stimulating speakers,
                                                                                                                                       dynamic dialogue, senior executive networking, and
                                                                                                                                       opportunities for interaction with faculty and students.

                                                                                                                                       Delivering top-quality programs is essential to attract
                                                                                                                                       and maintain top-quality membership and will
                                                                                                                                       continue to be a major priority in the year ahead.
                                                                                                                                       Based on member feedback, our most recent board
                                                                                                                                       meetings were very successful in terms of program
                                                                                                                                       topic, speaker quality, venue, and overall experience.

                      AND THE FUTURE OF OUR INDUSTRY”
                      The 2009 Graaskamp Center Fall Board Meeting
                      attempted to capture a current snapshot of the real
                      estate industry and predict its future when more than
                      120 board members, faculty, students, and guests
                      gathered October 1 and 2. Keynote speaker Robert
                                                                                 Photo: Steve Backer

                      Kelley, a senior intelligence officer for the Department
                      of Homeland Security, shared how public-private
                      partnerships may ultimately lead to a safer, more
                      robust business environment. “Eighty-five percent of
                      [DHS] critical infrastructure and key resources will                             SPRING BOARD MEETING: “BACK FROM THE BRINK:
                      come from the private sector,” Kelley noted. “Part of                            NEW CHALLENGES, NEW OPPORTUNITIES”
                      the restructuring of the intelligence community
                                                                                                       The 2010 Graaskamp Center Spring Board Meeting, held April 7-8, came on
                      involves acknowledging the key role of the private
                                                                                                       the heels of landmark legislation and in the midst of ongoing economic
                      sector, and inviting them in.”
                                                                                                       challenge. Real estate icon Sam Zell led off the two-day event with his
                      Panels brought real estate professionals from around                             no-holds-barred views on the challenges and opportunities existing in the
                      the country to discuss CMBS loans, commercial real                               marketplace. He noted that the country’s biggest asset is its entrepreneurial
                      estate debt markets, the pursuit of capital in a down                            spirit. He called on elected officials to encourage entrepreneurs and creative
                      economy and the challenge of keeping “human                                      ideas, and on real estate professionals to pursue new ideas and innovations.
                      capital.” More than half of those attending voted that
                                                                                                       Panels looked at the state of the industry, the impact of government
                      2011 would be the beginning of the economic
                                                                                                       intervention, and the rise of new possibilities. Panelists were optimistic that
                      recovery, with some projecting even farther into
                                                                                                       the risk of a double dip recession had passed, and the economy and the real
                      the future.
                                                                                                       estate industry appeared to be on an upswing. They saw the best
                                                                                                       opportunities in the United States, especially as sellers become motivated (or
                                                                                                       forced) to liquidate assets and yield spreads indicate the market is effectively
                                                                                                       re-pricing itself. They also saw great potential in the rapidly-changing area of
                                                                                                       health care and real estate.

                                                                                                       In the midst of change and opportunity, a final panel of veteran professionals
                                                                                                       warned that the skill sets required for managing real estate companies have
                                                                                                       expanded and grown steadily more complex. Successful real estate leaders
                                                                                                       must value corporate flexibility, transparency with investors and employees, a
Photo: Martha Busse

                                                                                                       clear vision, the ability to build a winning team, and a strong ethical corporate
                                                                                                       culture. Perhaps most importantly, the panel concluded the next generation
                                                                                                       of real estate leaders must have a firm grasp of the real estate business from
                                                                                                       the ground-up and fully understand the fundamentals, yet also be grounded
                                                                                                       in the complexities of the global real estate market.

LIFETIME MEMBERS                                   James Mazzarelli, Managing Director,              George Gialamas, President and Chief
Substantial Gifts to the                             Transwestern Realty Finance Partners, LLC         Executive Officer, The Gialamas Company,
Graaskamp Center                                   Thomas McCahill, Managing Director,                 Inc.
                                                     Tzranswestern Realty Finance Partners, LLC      Mark Goodman, President, Mark Goodman
Michael Arneson, Managing Principal, TOLD
                                                   James Muir, Executive Vice President, Wells        and Associates, Inc.
  Development Company
                                                     Fargo Real Estate Banking Group                 James Grusecki, President, Northern
James Curtis, Co-Founder and Principal,
                                                   Arthur Pasquarella, Executive Vice President        Builders, Inc.
  Bristol Group, Inc.
                                                      and Chief Operating Officer, BPG               Jon Hammes, Founder and Managing
James Haft, Counsel, MCZ Development
                                                      Properties, Ltd.                                 Partner, Hammes Company
                                                   Tim Pire, Managing Director of Public Real        Peter Hitch, Partner, Urban Associates
Charles Heath, Chief Executive Officer,
                                                     Estate Securities, Heitman Real Estate          Michael Husman, Managing Principal,
  Horizon Development Group, Inc.
                                                     Securities, LLC                                   Equibase Capital Group, LLC
Fred Petri, President, Housing
                                                   Scott Ransom, President, Cogdell Spencer          David Joseph, Principal, Walton Street Capital
   Capital Company
E.J. Plesko, President, E.J. Plesko & Associates                                                     Robert Karner, Executive Vice President, Head
                                                   Scott Riser, Partner, CPA, Baker Tilly Virchow      of Investments, CreXus Investment
Bryant Wangard, Partner, Wangard Properties          Krause, LLP                                       Corporation
                                                   Milda Roszkiewicz, Senior Vice President and      Daniel Larson, Director of Commercial
SPONSOR MEMBERS                                      Manager, Wells Fargo – Middle Market Real         Mortgages and Real Estate, MEMBERS
$10,000 Annual Gift to the                           Estate                                            Capital Advisors, Inc.
Graaskamp Center                                   Michael Rowan, President, Global Asset            Stephen Lebovitz, President and Chief
Jeff Raymond, President,                             Management, GE Capital – Real Estate              Executive Officer, CBL & Associates
   The Raymond Group                               Daniel Schulte, President, Principal Enterprise     Properties, Inc.
                                                     Capital, LLC                                    David Lentz, Managing Director, Green
SUSTAINING MEMBERS                                                                                     Courte Partners, LLC
$6,000 Annual Gift to the                          PATRON MEMBERS                                    David Lenz, Chairman and Chief Executive
Graaskamp Center                                   $3,500 Annual Gift to the                           Officer, The North Central Group
                                                   Graaskamp Center                                  Michael Luecht, President and Chief
Steve Bailey, Managing Director of Real Estate
  Debt, Heitman Real Estate Securities, LLC                                                            Executive Officer, ML Realty Partners, LLC
                                                   Eric Anderson, Managing Director, U.S. Head
Todd Carpenter, Partner, CPA, Baker Tilly             of Real Estate Investments, Credit Suisse      Craig Manske, Managing Principal,
  Virchow Krause, LLP                                                                                  Development Solutions, Inc.
                                                   Jean Barden, General Manager, DG HYP
Vince Cozzi, Vice President Acquisitions,                                                            John McLinden, Partner, Centrum
                                                   Tim Carew, President, Carewco                       Properties, Inc.
   Ventas, Inc.
                                                   Derek Chen, Chief Executive Officer, Chenco       Daniel Minahan, President and Chief
Kevin Crummy, Managing Director, Eastdil             Holding Company
  Secured                                                                                              Operating Officer, Continental Properties
                                                   Corey Chisnell, Director of Investment              Company, Inc.
Patrick Halter, Chief Executive Officer,             Banking, BMO Capital Markets
  Principal Capital Real Estate Investors, LLC                                                       Steven Myers, Executive Vice President,
                                                   David Clark, Senior Vice President of Real          AEGON USA Realty Advisors, Inc.
Brian Happ, Executive Vice President and             Estate Investments, Northwestern Mutual
   Chief Operating Officer, Cogdell Spencer                                                          David Neithercut, President and Chief
   ERDMAN                                          Ann Danner, President and Owner,                    Executive Officer, Equity Residential
                                                     Residential Homes of America, Inc.              Dean Parker, Regional Partner, Hinshaw &
Joseph Hoesley, Vice Chairman, U.S. Bank
  National Association                             Steven Disse, Principal, Colliers,                  Culbertson, LLP
                                                     Bennett & Kahnweiler, Inc.                      James Ring, President, Park Towne
Bruce Johnson, Executive Vice President,
Regency Centers Corporation                        William Ferguson, Chairman and Chief                Development Corporation
                                                     Executive Officer, Ferguson Partners, Ltd.      Michael Robb, Executive Vice President, Real
Raymond Lewis, Executive Vice President and
  Chief Investment Officer, Ventas, Inc.           David Friedman, Managing Director,                  Estate Investments, Pacific Life Insurance
                                                     Fund Management, Wrightwood Capital               Company
Christy Lockridge, Regional Director,
  GE Capital Real Estate                           Christian Garner, Managing Director,              Timothy Sherry, Principal, CPA, CFP, SVA
                                                     GE Commercial Finance – Real Estate               Certified Public Accountants, S.C.
James Martell, President and Chief Executive
  Officer, Ridge Realty Trust                      Laurence Geller, President and Chief              James Smith, Managing Principal, Kensington
                                                     Executive Officer, Strategic Hotels &             Realty Advisors, Inc.
                                                     Resorts, Inc.
Robert Vanecko, Managing Principal, Brennan         FACULTY FELLOWS
  Investment Group, LLC
                                                                                                      New Board Member Profile
                                                    Steve Born, Professor, Urban and Regional
Gregory Vorwaller, President, Investment              Planning, UW-Madison
  Properties and Chief Operating Officer,                                                                                Tim Carew,
                                                    Daniel Bromley, Professor, Applied
  Capital Markets, CB Richard Ellis
                                                      Economics, UW-Madison                                              President of Carewco
Johannson Yap, Chief Investment Officer, First
                                                    Richard Heymann, Faculty Associate, Law
  Industrial Realty Trust, Inc.                                                                                          We asked new
                                                       School, UW-Madison
Hugh Zwieg, Executive Vice President of                                                                                  Graaskamp Center
                                                    Jack Huddleston, Professor, Institute for
  Finance, General Growth Properties, Inc.                                                                               board member Tim
                                                      Environmental Studies, UW-Madison
                                                    Harvey Jacobs, Professor, Institute for                              Carew about the
WISCONSIN REALTORS ASSOCIATION                        Environmental Studies, UW-Madison               benefits of being a part of the Board of
Norman Flynn, President, Norman D. Flynn                                                              Advisors. Here’s what he said:
                                                    Antonio Mello, Professor, Finance,
  Associates, Inc.                                    UW-Madison                                         “It’s great to connect with the diverse
James Imhoff, Chairman and Chief Executive          Thomas Mitchell, Associate Professor,             set of experienced executives on the
  Officer, First Weber Group, Inc.                    Law School, UW-Madison                          Advisory Board. The board represents an
Dan Lee, Vice President, First Weber                Jerry O’Brien, Faculty Associate, Director of     amazing cross section of the real estate
  Group, Inc.                                          Kohl’s Department Stores Center for            industry, and we all have the desire to
William Malkasian, Executive Vice President,           Retailing Excellence, UW-Madison               make meaningful contributions to our
  Wisconsin Realtors Association                    Harvey Rabinowitz, Professor, Department of       industry. You can see it in the many
                                                      Architecture, UW-Milwaukee                      contributions—both monetary and in the
HONORARY MEMBERS                                    Andrew Reschovsky, Professor, Applied             time that the board offers to the center.
                                                      Economics, UW-Madison                              Through the board, I’ve enjoyed
Charles Carpenter, Investment Director,
  State of Wisconsin Investment Board                                                                 interacting with the students on their
Christine Dicks, Director, Wisconsin Real           EMERITUS MEMBERS                                  career plans and helping them create
  Estate Alumni Association                         Frank MacDougal                                   opportunities for themselves. It’s also
Gary Dreher, Managing Director, TOLD                Eugene Skaggs                                     great to be involved in helping
  Development Company (current WREAA                                                                  professors develop the next generation
  President)                                                                                          of real estate leadership. We are
Michael Komppa, President, Corum Real
                                                    STUDENT REPRESENTATIVES                           privileged to have an inside view of how
  Estate Group                                      (Co-Presidents of the Real Estate Club)           the Wisconsin program is constantly
Fred Prassas, President and Co-Founder,             Richard Browning (MBA ’10)                        innovating and expanding its leadership
   Property Management Concepts, Ltd.               Daniel Soyka (MBA ’10)                            position in the industry.
                                                    Tom Gershman (MBA ’10)                               The board is a rich source of contacts
                                                    Brandon Winter (BBA ’10)                          that help each other. We are proud to
                                                                                                      help the university community develop
                                                                                                      real estate industry knowledge and
 MEMBERSHIP LEVELS BOARD                                                                              expand the tradition of a collaborative
 OF ADVISORS                                                                                          and integrated multi-disciplined
 Membership to the Board of Advisors is available at four levels:                                     approach to real estate and economics.
                                                                                                         Best of all, being on the board is a
 Sponsor Members: $10,000 annual gift. Up to two official representatives at the corporate level
                                                                                                      great opportunity to give back to the
 to serve on the Board. Plus up to four additional corporate staff invited to attend select events.
                                                                                                      university and the real estate community
 Sustaining Members: $6,000 annual gift. Up to two official representatives at the corporate level    as true “Renaissance men and women”
 to serve on the Board. Plus up to two additional corporate staff invited to attend select events.    as the many legacy leaders of the
                                                                                                      Wisconsin program envisioned.”
 Patron Members: $3,500 annual gift. One official representative to serve on the board.
 Plus one additional corporate staff invited to attend select events.

 Non-profit membership is also available.


            aculty members of the Wisconsin Real Estate Program are active
            researchers at the frontier of knowledge in the fields of real
            estate economics and finance. They regularly have articles
            published in top academic journals and frequently participate in
     conferences around the world. Below are selected research highlights.

                                                Morris A. Davis                           Related publications: “Forced Sale Risk: Class, Race and
                                                Associate Professor and Director of       the Double Discount” with Thomas Mitchell and Richard
                                                the Real Estate MBA Program               Green, Florida State University Law Review, forthcoming.

                                                Davis is an expert on the pricing of
                                                urban land. His research published
                                                                                                                 François Ortalo-Magné
                                                in leading economics journals such                               Professor and Chair, Department of
                                                as the Journal of Monetary                                       Real Estate and Urban Land
                        Economics has changed the way researchers approach                                       Economics, Robert E. Wangard
                        housing and the U.S. Bureau of Economic Analysis                                         Endowed Chair in Real Estate
                        computes the National Income and Product Accounts.                                       Ortalo-Magné conducts an
                        Filling a major gap in the availability of residential property                          influential annual survey on behalf
                        data, databases developed by Davis on land and property           of the Association of Foreign Investors in Real Estate
                        values in the U.S. are now available online at the Lincoln        (AFIRE). His recent research on housing transactions
                        Institute of Land Policy. Davis received tenure and was           comparing the pricing and effectiveness of traditional real
                        promoted to associate professor in May.                           estate brokers versus FSBO (For Sale by Owner) was
                        Related publications: “Household Expenditures, Wages,             published both in the American Economic Review and
                        Rents,” with François Ortalo-Magné, Review of Economic            the front page of The New York Times.
                        Dynamics, forthcoming. “The Price and Quantity of                 Related publications: “Household Expenditures, Wages,
                        Residential Land in the United States” with Jonathan              Rents,” with Morris A. Davis, Review of Economic
                        Heathcote, Journal of Monetary Economics, 2007.                   Dynamics, forthcoming. “The Relative Performance of
                        “Housing and the Business Cycle” with Jonathan                    Real Estate Marketing Platforms: MLS versus
                        Heathcote, International Economic Review. Also authored ” with Igal Hendel and Aviv Nevo,
                        a new macroeconomic text book: “Macro Economics for               American Economic Review, December 2009.
                        MBAs and Masters of Finance.”

                                                                                                                 Erwan Quintin
                                                STEPHEN MALPEZZI
                                                                                                                 Assistant Professor
                                                Professor and Academic Director of
                                                the Graaskamp Center for Real                                  Quintin joined the faculty in
                                                Estate, and Lorin and Marjorie                                 January of 2010 from the Federal
                                                Tiefenthaler Chair of Real Estate                              Reserve Bank of Dallas where he
                                                                                                               worked as a senior economist and
                                               Malpezzi is the co-author of “A                                 policy advisor since 2000. Quintin
                                               Primer on U.S. Housing Markets             has published academic research in financial economics
                        and Policy” published by the Urban Institute Press for the        and macroeconomics in the leading field journals such as
                        American Real Estate and Urban Economics Association.             the Journal of Monetary Economics. His recent research
                        He is currently working with co-author Richard Green,             focuses on the optimal design of mortgage contracts.
                        professor and chair of the University of Southern
                        California Lusk Center for Real Estate, on the second             Recent publications: “Financial Intermediation and TFP:
                        edition of this book. Malpezzi is one of the leading world        A Quantitative Assessment” with Pedro Amaral,
                        experts in housing policy for emerging economies. Prior           International Economic Review, forthcoming.
                        to coming to the University of Wisconsin-Madison, he was
                        an economist in the Infrastructure and Urban
                        Development Department of the World Bank.

                      Timothy J. Riddiough
                      Professor and E.J. Plesko Chair         Other Notable Research-Related Activities
                         Riddiough leads the unique Applied   ►   François Ortalo-Magné presented the results of the Association
                          Real Estate Investment Track            of Foreign Investors in Real Estate (AFIRE) 18th annual survey
                          (AREIT) program that trains             at the group’s winter conference in New York in February 2010.
                          students in portfolio management        This is the third time the survey has been conducted by the
                          with real money donated by              Graaskamp Center. Results from the association’s nearly 200
alumni of the program. He is best known for his work on           members indicate that 51 percent of respondents identified the
credit risk in mortgage lending, mortgage securitization,         U.S. as providing the best opportunity for capital appreciation,
real options, REIT investment and corporate finance, and          up from 37 percent one year ago. Their top five U.S. cities for
land use regulation. Current research interests are focused       investment opportunities were Washington, D.C., New York, San
on the financial crisis of 2007-08, economic development          Francisco, Boston, and Los Angeles.
of debt markets, and optimal contract design. His research
                                                              ►   The Graaskamp Center partnered with the Federal Reserve
has appeared in top finance journals.
                                                                  Banks of Atlanta in October 2009 and Chicago in April 2010
Recent publications: “Financial Constraints, Liquidity            to present unique research conferences that brought together
Management, and Investment” with Wu Zhonghua, Real                leading academics and professionals from throughout the
Estate Economics, 2009. “Monopoly and Information                 country to discuss research on topics related to housing, labor,
Advantage in the Residential Mortgage Market,” with               macro economics, and urban issues. Organized by Morris Davis,
Jie Gan, The Review of Financial Studies, 2008.                   about 40 researchers attended each conference, including
                                                                  Federal Reserve economists and top academics. Our faculty
                                                                  actively participated in the planning, presentations, and discus-
                      Abdullah Yavas                              sions at the conference.
                      Wisconsin Real Estate Program
                                                              ►   François Ortalo-Magné presented “Housing for Smarties” based
                      Distinguished Professor
                                                                  on his 15 years of research on the housing market as part
                       Yavas joined the faculty in                of an ongoing Wisconsin School of Business faculty seminar
                       September of 2009 from                     series, Rays of Research. Ortalo-Magné used his personal
                       Pennsylvania State University,             housing market experience to highlight key lessons from his
                       where he was a faculty member              research and make the lessons relevant to a general audience.
since 1992. He is the leading researcher at the frontier of   ►   Abdullah Yavas presented the results of laboratory experiments
experimental economics and real estate finance. His               in asset characteristics and boom and bust periods on February
research has appeared in leading field journals and               4, 2010, as part of the Rays of Research Seminar Series.
general publications such as the Journal of Economic
Theory.                                                       ►   Tim Riddiough was a featured speaker on the topic of “2010
                                                                  Economic Forecast: Finding True North in an Era of Uncertainty”
Yavas also brings a unique international perspective to the       at the CREW (Commercial Real Estate Women) Network and
Wisconsin Real Estate Program. In March 2007, he was              Convention in September of 2009 in Boston. Other featured
appointed as a member of the Monetary Policy                      speakers included Ivanka Trump, Abby Joseph Cohen, David
Committee of the Central Bank of the Republic of Turkey,          Gergen, Chip Case, and Robert Langer.
which is the Turkish equivalent of the U.S. Federal
Reserve’s Federal Open Market Committee.                      ►   Stephen Malpezzi and Morris Davis were interviewed about the
                                                                  national stimulus package on the Big Ten Network show, “Office
Recent publications: “Case for Percentage Commission              Hours” in October 2009.
Contracts: The Impact of a ‘Race’ Among Agents,” with
Lynn Fisher, Journal of Real Estate Finance and
Economics, June 2010. “An Experimental Test of
Sabotage in Tournaments,” with Donald Vandegrift,
Journal of Institutional and Theoretical Economics,
June 2010.

     WHAT’S AHEAD FOR 2011
     Below is a brief preview of some of the exciting events
     and initiatives planned for the 2010-11 academic year:
                 ►   Members of the inaugural Global Real Estate          ►   Second-year MBA students will head to Korea
                     Master (GREM) class will begin their semester            and Hong Kong for their required international
                     in Madison in January of 2011. We are looking            study trip. The agenda will offer an exciting mix
                     forward to welcoming approximately 12 students           of seminars and presentations on the local
                     and alumni from our three partner schools:               real estate market, site visits to local real estate
                     Europe’s HEC Paris, Asia’s HKUST Business School,        developments, meetings with industry executives,
                     and Latin America’s INCAE Business School to the         as well as time to explore and experience the local
                     Wisconsin Real Estate Program.                           culture. Board members and alumni are invited to
                                                                              join the trip (as space is available).
                 ►   The “Millenium Graduates Challenge” was
                     launched in August. The goal is to encourage         ►   First-year MBA students will again travel to Cannes,
                     students who graduated with a real estate degree         France to attend the annual MIPIM convention.
                     since the turn of the Millennium to support the          A few second-year students will travel to Hong
                     program through regular gifts which will help            Kong to attend the annual MIPIM Asia convention.
                     implement the program strategy toward global             In both cases, students will help François Ortalo-
                     leadership in real estate education.                     Magné prepare his wrap-up keynote presentations
                                                                              to conference participants.

                                                                          ►   The Graaskamp Center will build on the success
                                                                              of last year’s “Graaskamp on the Road” roundtable
                                                                              luncheon series by holding events in New York
                                                                              City, Chicago, and Minneapolis.

                                                                          ►   On the marketing front, we are developing a new
                                                                              Wisconsin Real Estate Program brochure, and
                                                                              will continue to strengthen our online presence
                                                                              on Facebook, Twitter, the Wisconsin Real Estate
                                                                              Viewpoint Blog, and The Real Estate Connection,
                                                                              our monthly e-newsletter.

                                                                          ►   The Graaskamp Center will again co-sponsor two
                                                                              Federal Reserve Bank research conferences this
                                                                              year—with the St. Louis Fed in September and
                                                                              with the Atlanta Fed in the spring of 2011.
                 ►   Associate Professor Morris Davis is now the          ►   The center will host its annual Wisconsin Real
                     Director of the Real Estate MBA Program. He              Estate and Economic Outlook Conference on
                     will work closely with Faculty Associate Sharon          June 9, 2011.
                     McCabe on MBA admissions and placement. They,
                     along with other members of the Graaskamp            ►   The Graaskamp Center spring board meeting is
                     team, will also develop a comprehensive MBA              scheduled for April 14-15, 2011 in Chicago.
                     student recruiting strategy. This includes forging
                     new connections with ULI Young Leaders, Young
                     Real Estate Professionals Group in Chicago,
                     and others. Special emphasis will be placed on
                     increasing the number of corporate participants in
                     the Real Estate Club career fair in February 2011.

Stay in Touch with Us!

       Follow us on Facebook

       Join us on Twitter

       Blog with us on The Wisconsin
       Viewpoint Blog

Learn about our events and happenings from
The Real Estate Connection (our monthly e-newsletter):

Stephen Malpezzi, Academic Director
Phone: 608/262-6007

Michael Brennan, Executive Director
Phone: 608/263-4392

Kris Hammargren, Senior Associate Director
Phone: 608/890-2733

Morris A. Davis, Director of the MBA Program
Phone: 608/262-8775

Sharon McCabe, Associate Director of Recruiting
and Career Services
Phone: 608/890-2493

Lee Gottschalk, Associate Director of Outreach
Phone: 608/265-2032

Alison Zuba, Program Associate
Phone: 608/263-3459

Tim Riddiough, Director of AREIT
Phone: 608/262-3531

François Ortalo-Magné, Chair, Department of Real Estate
Phone: 608/262-7867

James A. Graaskamp Center for Real Estate
4440 Grainger Hall
975 University Ave.
Madison, WI 53706
Phone: 608/263-3459
         JAMES A.

     4440 Grainger Hall
   975 University Avenue
     Madison, WI 53706

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